Telinet buys up Pasporte for £11m
The ICT provider scoops up its rival
The Telinet Group has acquired rival ICT provider Pasporte in a deal worth £11m.
The acquisition means that the enlarged Telinet Group will have revenues of approximately £35m, with operational profits in excess of 10%.
The deal is backed by Investec, which invested in the company alongside existing management.
Investec bought Telinet in August 2006 and has provided funding packages of debt and minority equity in its recent acquisitions of Newburn and Evolution Voice & Data.
Telinet says that the acquisitions all aid its aim of providing ICT managed services to mid-sized businesses in the UK.
Paul Cosgrave, chief executive of Telinet, said: “The Pasporte proposition and its very strong management team significantly strengthen our service offerings in managed telecommunications and information technology solutions for our customers.”
Investec’s Ed Cottrell added: “The continued backing by Investec reiterates our commitment of ongoing support for Telinet’s strong management team and their selective and focused buy and build strategy.
“We remain excited about Telinet’s prospects in the converging ICT sector.”
© Crimson Business Ltd. 2008